Softeq Blog AI and IoT in Mining: Key Application Areas and Real-Life Examples

Although manual labor is still necessary in mining, AI and IoT are transforming the industry, and their impact extends beyond just automation.As mines transition to digital platforms, they are streamlining operations, reducing errors, cutting costs, and driving better business outcomes as a result. Yet, many companies are missing out on these advantages by sticking to outdated technologies. Less than 5% of mines have fully embraced wearable technology. Only 20% have fully integrated drones into their operations. The same trend applies to cutting operational costs. McKinsey forecasts that by 2035, AI and IoT could save the industry up to $390 billion annually. But here's the kicker: despite these potential savings, a study with 100 global mining companies found that only half of them are tapping into IoT's cost-saving opportunities. The other half? They're leaving money on the table.